20 Nov 2023 13:59

Ruble, yuan already account for 95% of mutual settlements in trade transactions between Russia, China - Russian First Deputy PM

BEIJING. Nov 20 (Interfax) - Mutual settlements in national currencies in trade between Russia and China are constantly growing, and the ruble and the yuan already account for 95% of all trade transactions, Russian First Deputy Prime Minister Andrei Belousov said on Monday in Beijing at a meeting of the Russia-China intergovernmental commission on investment cooperation.

Belousov said that trade turnover between Russia and China should exceed $200 billion in 2023, and it could top $300 billion by 2030.

"China is our key partner in the area of trade and investment. Bilateral trade turnover has increased by one third since the beginning of 2023. There has been noticeable progress in trade in metals, chemicals, food, equipment, and vehicles. According to our estimates, we should top the $200-billion level by the end of the year, which was planned to reach in just 2024. By 2030, the figure should probably reach $300 billion. The volume of mutual settlements between our countries in national currencies is growing. The yuan and the ruble already account for 95% of all trade transactions between Russia and China," Belousov's administrative office quoted the deputy prime minister as saying at the intergovernmental commission.

Belousov also noted that the scope of investment cooperation between Russia and China is expanding. "I thank you for the joint work done this year to update the commission's lists of projects. We have already agreed on one significant, and six promising projects," he said.

"New joint investment projects are being launched in priority sectors. In the automotive industry, in mining and gas chemical industries, agriculture, logistics, IT and others. Due to the departure of a number of Western companies from the Russian market, new opportunities are opening up for Chinese partners to participate in large Russian oil and gas, petrochemical, and automobile manufacturing enterprises, as well as companies producing consumer goods, glass products and building materials," the First Deputy Prime Minister said.